Monday, October 3, 2022
News Only 21% of Consumers Think it’s a Good Time to Buy a...

Only 21% of Consumers Think it’s a Good Time to Buy a New Car

Surging prices, low inventories, and delays have and will turn new car shoppers away


  • This is the lowest figure since the Great Depression.

  • Overall, 57% of consumers have no intention of buying a new car anytime soon.


It’s been a rough two years for automakers, dealers, and car buyers. Side-effects of the pandemic have left the industry stirred and although car companies are steadily ramping up production, there might be fewer people than expected looking to buy whatever’s available.

2023 Chevrolet Silverado ZR2 Bison

A study has found that a whopping 79% of consumers believe that this is a bad time to buy a new car. Of the related reasons including big price increases due to rising material and energy costs, another one could be massive dealer markups which have made countless headlines over the last while.

The result from the July insights from GfK AutoMobility shared by Carscoops shows that 57% of all those surveyed have no intention of buying a new car anytime soon. Specifically, of the potential Gen Y and Gen X buyers, who are respectively between the ages of 25-42 and 43-57, only 37% are considering the purchase of a new vehicle in the next two years. That’s down 8% from July 2020.

Alarmingly, it’s the moderate and high-income consumers that may have the greater impact on new car buying volumes. Of those earning between $50,000 and $100,000 annually, only 44% are planning to purchase a new vehicle in the next short while. This figure is down 10% from 2020.

Finally, even wildly-popular full-size truck buyers, or those who intend to buy them, are reconsidering.

Trending Now

Valérie Limoges Makes History in the Nissan Sentra Cup

For the first time in Canadian racing history, a female driver has clinched a class title in Canadian road racing. When Quebec’s Valérie Limoges and...

The 2023 Nissan Ariya will Begin at $43,190 in the U.S.

The brand’s first electric crossover will be offered in six trim levels. The dual-motor AWD system will be optional. The longest-range version will...

Last Lamborghini Aventador Leaves Sant’Agata Factory

Lamborghini's best-selling V12 says farewell Last car is a 780-4 Ultimae Roadster in custom blue Is it a vent? Is it a door? All...

The 2024 Chevrolet Silverado HD Gets More Diesel Power, More Tech and a New Interior

The Duramax Diesel engine now makes up to 975 lb-ft of torque LT and higher trim levels receive a new interior to go...

This is a First Look at the New 2024 Hyundai Santa Fe

Once more, Hyundai is revolutionizing its design. By the looks of the prototype, it’s far boxier than it’s ever been. Hyundai’s clearly looking to...
Matt St-Pierre
Trained as an Automotive Technician, Matt has two decades of automotive journalism under his belt. He’s done TV, radio, print and this thing called the internet. He’s an avid collector of many 4-wheeled things, all of them under 1,500 kg, holds a recently expired racing license and is a father of two. Life is beautiful. Send Matt an emai

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.